JEQ - Japan services PMI revised upward to 53.1 in January amid strong new business and demand
2024-02-05 02:00:17 ET
-
The au Jibun Bank Japan Services PMI was revised higher to 53.1 in January 2024 from a flash reading of 52.7 and a final 51.5 in December, marking the 17th straight month of expansion in the service sector due to a faster rise in new business inflows, while foreign demand grew for the first time in five months amid a weakening yen.
-
Rises in new business also marked the 17th straight month of growth amid improvements in the tourism sector.
-
The au Jibun Bank Japan Composite PMI was revised upward to 51.5 in January 2024 from a flash reading of 51.1 and after December's reading of 50.0, marking the highest reading since last September, with services activity growing the most in 4 months while the reduction in manufacturing output eased to a 3-month low.
-
"Private sector firms noted optimism regarding future activity, as the level of outstanding business stabilised after six successive monthly declines, showing signs of increasing capacity pressures in the Japanese private sector economy. Moreover, the overall degree of positive sentiment regarding the 12-month outlook for activity strengthened to the highest since last June," said Usamah Bhatti, Economist at S&P Global Market Intelligence.
-
Currency: ( USD:JPY )
-
More on Japan economy:
-
Japan's manufacturing PMI shrinks for 8th month amid weak production and new order inflows
-
Japan's industrial output rises 1.8%; retail sales miss forecast in December
-
Japan's manufacturing shrinks for an eighth consecutive month amid weak demand
-
Bank of Japan keeps negative interest rate unchanged, trims 2024 inflation forecasts
-
Japan's inflation rate continues to ease in December amid lower electricity and gas bills